AE May/June 2021 Vol 30 No 3 - 11

Although COVID-19, fingers crossed, is
receding as an existential threat to medical
practices, it's not the only " monster in the
closet " for administrators.
insurance, and capital access-will
help you get through any crisis.
Leadership. With hundreds
of clients, we've had a chance to
witness the impact of great leadership on modifying the financial,
teamwork, and other impacts of a
pandemic. Practices that responded
quickly, and that safely restored not
only accustomed patient volumes
but also staff and patient confidence, have been characterized by
great physician and lay leadership.
In these practices, great leadership was not something that
just emerged for the first time in
April as the virus took hold. It was
pre-existing. In the strongest settings, these were the success factors:
*	 Long-tenured administrators having the experience,
authority, and the trust of
their doctors
*	 Formally designated managing partners working in a
collaborative dyad with their
lay leaders
*	 Administrators and doctors
alike using their full authority
and taking command in a
tough environment
*	 Prioritization, i.e., focusing
attention on the daily urgencies, and being defocused
from everything else
*	 Copying best practices, e.g.,
increasing phone calls and
emails to peers around the
country to learn what others
were doing to get safely back
up to speed

*	 Abundant communication
and planning at all levels,
allowing meeting duration
and quality to rise; making
priorities clear through
written instructions; briskly
redrafting and redistributing
these instructions as better
protocols came to light
Insurance. Proper insurance
can soften the impact of the most
common practice risks: Key provider
disability and death. Fires. Floods.
Tornadoes. COVID-19 is an
unfortunate exception to insurance-as-crisis-mitigator. Although
a few loosely written business
interruption policies may eventually
grant their holders limited financial
relief (no doubt after court battles),
there is no insurance generally
available for wars, insurrections, or
pandemics. PPP and other forms of
federal funding have been a welcome
but comparatively modest aid.
Capital access. With unlimited
capital access nearly every crisis can
be lived through. Clients with great
personal savings habits or significant family fortunes had nothing
to fear last year. Capital access takes
many forms: Cash on hand in your
working bank accounts and lines
of credit. Accounts receivable. The
owners' personal resources.
A typical $2 million practice will have about $100,000
in monthly operating costs
before MD compensation. The
same practice will have at least
$150,000 in working bank

accounts, about $100,000 in
recoverable A/R and a $250,000+
line of credit. Together, that's a
half-million dollars or more in
ready capital access or five times
monthly expenses before even
having to turn to owner savings.
My past guidance has been to
have ready access to not less than
three months' operating expenses.
In light of recent events, six
months, even a year, might be
more reasonable.
If you are like most administrators, you have now finally dug
your way out from under work
piles that accumulated in 2020.
As you prioritize your goals for
the rest of 2021, make one of
them the preparation of a formal,
written risk management and
mitigation plan. AE
John Pinto
(pintoinc@
aol.com;
619-2232233) is
president of J. Pinto & Associates, Inc.,
an ophthalmic practice management
consulting firm established in 1979 in
San Diego. His latest books, Simple:
The Inner Game of Ophthalmic
Practice Success and the fifth edition
of John Pinto's Little Green Book of
Ophthalmology are available from
the author. Corinne Z. Wohl, MHSA,
COE (609-410-2932; czwohl@
gmail.com), is president of C. Wohl &
Associates, Inc., a practice
management consulting firm. Her
latest book, co-authored with John
Pinto, UP: Taking Ophthalmic
Administrators and Their
Management Teams to the Next
Level of Skill, Performance, and
Career Satisfaction, is available from
the author.

www.asoa.org // AE

11


http://www.asoa.org

AE May/June 2021 Vol 30 No 3

Table of Contents for the Digital Edition of AE May/June 2021 Vol 30 No 3

AE May/June 2021 Vol 30 No 3 - Cover1
AE May/June 2021 Vol 30 No 3 - Cover2
AE May/June 2021 Vol 30 No 3 - 1
AE May/June 2021 Vol 30 No 3 - 2
AE May/June 2021 Vol 30 No 3 - 3
AE May/June 2021 Vol 30 No 3 - 4
AE May/June 2021 Vol 30 No 3 - 5
AE May/June 2021 Vol 30 No 3 - 6
AE May/June 2021 Vol 30 No 3 - 7
AE May/June 2021 Vol 30 No 3 - 8
AE May/June 2021 Vol 30 No 3 - 9
AE May/June 2021 Vol 30 No 3 - 10
AE May/June 2021 Vol 30 No 3 - 11
AE May/June 2021 Vol 30 No 3 - 12
AE May/June 2021 Vol 30 No 3 - 13
AE May/June 2021 Vol 30 No 3 - 14
AE May/June 2021 Vol 30 No 3 - 15
AE May/June 2021 Vol 30 No 3 - 16
AE May/June 2021 Vol 30 No 3 - 17
AE May/June 2021 Vol 30 No 3 - 18
AE May/June 2021 Vol 30 No 3 - 19
AE May/June 2021 Vol 30 No 3 - 20
AE May/June 2021 Vol 30 No 3 - 21
AE May/June 2021 Vol 30 No 3 - 22
AE May/June 2021 Vol 30 No 3 - 23
AE May/June 2021 Vol 30 No 3 - 24
AE May/June 2021 Vol 30 No 3 - 25
AE May/June 2021 Vol 30 No 3 - 26
AE May/June 2021 Vol 30 No 3 - 27
AE May/June 2021 Vol 30 No 3 - 28
AE May/June 2021 Vol 30 No 3 - 29
AE May/June 2021 Vol 30 No 3 - 30
AE May/June 2021 Vol 30 No 3 - 31
AE May/June 2021 Vol 30 No 3 - 32
AE May/June 2021 Vol 30 No 3 - 33
AE May/June 2021 Vol 30 No 3 - 34
AE May/June 2021 Vol 30 No 3 - 35
AE May/June 2021 Vol 30 No 3 - 36
AE May/June 2021 Vol 30 No 3 - 37
AE May/June 2021 Vol 30 No 3 - 38
AE May/June 2021 Vol 30 No 3 - 39
AE May/June 2021 Vol 30 No 3 - 40
AE May/June 2021 Vol 30 No 3 - 41
AE May/June 2021 Vol 30 No 3 - 42
AE May/June 2021 Vol 30 No 3 - 43
AE May/June 2021 Vol 30 No 3 - 44
AE May/June 2021 Vol 30 No 3 - 45
AE May/June 2021 Vol 30 No 3 - 46
AE May/June 2021 Vol 30 No 3 - 47
AE May/June 2021 Vol 30 No 3 - 48
AE May/June 2021 Vol 30 No 3 - 49
AE May/June 2021 Vol 30 No 3 - 50
AE May/June 2021 Vol 30 No 3 - 51
AE May/June 2021 Vol 30 No 3 - 52
AE May/June 2021 Vol 30 No 3 - 53
AE May/June 2021 Vol 30 No 3 - 54
AE May/June 2021 Vol 30 No 3 - 55
AE May/June 2021 Vol 30 No 3 - 56
AE May/June 2021 Vol 30 No 3 - 57
AE May/June 2021 Vol 30 No 3 - 58
AE May/June 2021 Vol 30 No 3 - 59
AE May/June 2021 Vol 30 No 3 - 60
AE May/June 2021 Vol 30 No 3 - Cover3
AE May/June 2021 Vol 30 No 3 - Cover4
https://www.nxtbook.com/ygsreprints/ASOA/ae-may-june-2021-vol-30-no-3
https://www.nxtbook.com/ygsreprints/ASOA/ae-march-april-2021-vol-30-no-2
https://www.nxtbook.com/ygsreprints/ASOA/ae-january-february-2021-vol-30-no-1
https://www.nxtbook.com/ygsreprints/ASOA/ae_nov_dec_20
https://www.nxtbook.com/ygsreprints/ASOA/ae_sept_aug_20
https://www.nxtbook.com/ygsreprints/ASOA/ae_july_aug_20
https://www.nxtbook.com/ygsreprints/ASOA/ae_may_jun_20
https://www.nxtbook.com/ygsreprints/ASOA/ae_mar_apr_20
https://www.nxtbook.com/ygsreprints/ASOA/ae_jan_feb_20
https://www.nxtbook.com/ygsreprints/ASOA/ae_nov_dec19
https://www.nxtbook.com/ygsreprints/ASOA/ae_septoct19
https://www.nxtbook.com/ygsreprints/ASOA/g107843_ae_julyaug19
https://www.nxtbook.com/ygsreprints/ASOA/g105962_ae_mayjun19
https://www.nxtbook.com/ygsreprints/ASOA/g104576_ae_marapr19
https://www.nxtbook.com/ygsreprints/ASOA/g103212_ae_janfeb19
https://www.nxtbook.com/ygsreprints/ASOA/g99529_ae_novdec18
https://www.nxtbook.com/ygsreprints/ASOA/g97160_ae_septoct18
https://www.nxtbook.com/ygsreprints/ASOA/g96528_ae_julyaugust18
https://www.nxtbook.com/ygsreprints/ASOA/g93925_ae_mayjune18
https://www.nxtbook.com/ygsreprints/ASOA/g92298_ae_marapr18
https://www.nxtbook.com/ygsreprints/ASOA/g89361_ae_janfeb18
https://www.nxtbook.com/ygsreprints/ASOA/g86698_ae_novdec17
https://www.nxtbook.com/ygsreprints/ASOA/g81746_ae_septoct17
https://www.nxtbook.com/ygsreprints/ASOA/g80299_ae_julaug17
https://www.nxtbook.com/ygsreprints/ASOA/g77256_ae_mayjun17
https://www.nxtbook.com/ygsreprints/ASOA/g74401_ae_marapr17
https://www.nxtbook.com/ygsreprints/ASOA/g72340_ae_janfeb17
https://www.nxtbook.com/ygsreprints/ASOA/ae_novdec16
https://www.nxtbook.com/ygsreprints/ASOA/ae_septoct16
https://www.nxtbook.com/ygsreprints/ASOA/ae_julaug16
https://www.nxtbook.com/ygsreprints/ASOA/asoa_mayjune2016
https://www.nxtbook.com/ygsreprints/ASOA/asoa_marapr2016
https://www.nxtbook.com/ygsreprints/ASOA/asoa_janfeb16
https://www.nxtbook.com/ygsreprints/ASOA/ae_novdec15
https://www.nxtbook.com/ygsreprints/ASOA/asoa_sepoct15
https://www.nxtbook.com/ygsreprints/APTA/g52750_apta_25ada
https://www.nxtbook.com/ygsreprints/ASOA/asoa_julyaug2015
https://www.nxtbook.com/ygsreprints/ASOA/asoa_mayjune2015
https://www.nxtbook.com/ygsreprints/ASOA/asoa_marapr2015
https://www.nxtbook.com/ygsreprints/ASOA/asoa_janfeb15
https://www.nxtbook.com/ygsreprints/ASOA/asoa_novdec14
https://www.nxtbook.com/ygsreprints/ASOA/asoa_sepoct14_AE
https://www.nxtbook.com/ygsreprints/ASOA/asoa_julaug14
https://www.nxtbook.com/ygsreprints/ASOA/ASOA_MayJunAE
https://www.nxtbook.com/ygsreprints/ASOA/ASOA_MarAprAE
https://www.nxtbook.com/ygsreprints/ASOA/ASOA_JanFebAE
https://www.nxtbook.com/ygsreprints/ASOA/ASOA_no4eZine
https://www.nxtbook.com/ygsreprints/ASOA/asoa_fall_2013
https://www.nxtbook.com/ygsreprints/ASOA/asoa_no3_ezine
https://www.nxtbook.com/ygsreprints/ASOA/asoa/asoa_summer_2013
https://www.nxtbook.com/ygsreprints/ASOA/ehr_cust_survey_Apr2013
https://www.nxtbook.com/ygsreprints/ASOA/asoa_no2_2013_ezine
https://www.nxtbookmedia.com